Required information[The following information applies to the questions displayed below.]A manufactured product has the following information for June.Direct materialsDirect laborOverheadUnits manufacturedStandard Quantity and Cost7 pounds @ $8 per pound3 DLH @ $15 per DLH3 DLH @ $13 per DLHActual Results62,100 pounds @ $8.10 per pound26,000 hours @ $15.50 per hour$ 349,6008,800 unitsCompute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance byselecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.)AQ = Actual QuantitySQ = Standard QuantityAPActual PriceSP=Standard PriceActual Cost$0$0$0Standard Cost

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PB: The following product costs are available for Stellis Company on the production of erasers: direct...

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The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000
The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour 8,900 units $ 325,700 Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH Actual Hours SH Standard Hours Standard Rate AR Actual Rate SR Actual Cost G < Prev 8 of 8 Next Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour $ 325,700 8,900 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total S
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds e $7 per pound 2 DLH e $16 per DLH 2 DLH e $12 per DLH Actual Results 44,900 pounds e $7.10 per pound 14,500 hours e $16.40 per hour $ 182,800 7,400 units Direct materials Direct labor Overhead Units manufactured Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds @ $7 per pound 2 DLH @ $17 per DLH 2 DLH @ $11 per DLH Actual Results Direct materials Direct labor 44,300 pounds @ $7.20 per pound 14,300 hours @ $17.40 per hour $ 165,800 7,300 units Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost
[The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 7 pounds @ $7 per pound 58,600 pounds @ $7.20 per pound Direct labor 2 DLH @ $16 per DLH 16,300 hours @ $16.50 per hour Overhead 2 DLH @ $12 per DLH $ 205,500 Units manufactured 8,300 units (1) Prepare the standard cost card showing standard cost per unit.(2) Compute total budgeted cost for June production.(3) Compute total actual cost for June production.(4) Compute total cost variance for June. Compute total budgeted cost for June production. Total budgeted (standard) cost Compute total actual cost for June production. Actual cost Compute total cost variance for June. (Indicate the effect of the variance by selecting…
! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $9 per pound 3 DLH @ $17 per DLH 3 DLH @ $13 per DLH Actual Results 59,200 pounds @ $9.10 per pound 25,000 hours @ $17.60 per hour $ 334,000 8,400 units Exercise 21-8 (Algo) Standard cost per unit, total budgeted and actual costs, and total cost variance LO P2 (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute total budgeted cost for June production. Total budgeted (standard) cost
Sheffield Company had the following department information for the month: Total materials costs Equivalent units of production for materials Total conversion costs Equivalent units of production for conversion costs What is the total manufacturing cost per unit? O $3.20. O $7.90. O $4.70. O $3.63. $47000 10000 $80000 25000
! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 5 pounds @ $7 per pound 3 DLH @ $17 per DLH 3 DLH @ $11 per DLH Actual Results 36,900 pounds @ $7.10 per pound 21,500 hours @ $17.60 per hour $ 247,000 7,300 units Exercise 23-10 (Algo) Direct labor variances LO P3 Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost $ 0 0 0 $ 0 Standard Cost
A department had the following information for the month: Total materials costs P45,000 Conversion cost per unit P3.00 Total manufacturing cost per unit P5.50 What are the equivalent units of production for materials?

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